The close of the 2014 session of the Iowa Legislature brought new policy that will help grow the state’s biotech industry, one of the nation’s fastest growing industries.
Because of Iowa’s rich agricultural resources, biosciences has grown at an exponential rate. A recent Battelle Institute study shows the bioscience industry in Iowa employs over 15,000 people. These are jobs that average over $60,000 a year. The study also shows that even during the recent recession that started in 2008, Iowa was adding biotech positions at 4.5 percent a year.
With the passage of SF 2344, tax credits on renewable fuels in Iowa will be extended through 2018. The fuel biobutanol was also added to renewable fuels eligible for the tax credit.
Support of renewable fuels is not only critical to a growing industry providing valuable fuels with increasing demand, but it supports sustainable domestic fuel sources. Iowa’s renewable fuels are finding their way into many industrial, commercial and consumer applications in an environmentally friendly way. Industrial biosciences will continue to grow in the state. By updating these definitions, we are saying Iowans want and support new generations of biofuels.
In SF 2363, an appropriation was made for a $4 million strategic infrastructure program. These funds will be made available to commercial enterprises that have already made significant investments in their facilities, but are in need of additional infrastructure to support enhancement and development of their operations.
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